In this tutorial you are going to learn how to use a mortgage calculator online to work out some of the essential financials of buying a property.
Step # 1 – Navigating to the Mortgage Calculator
First you are going to need to navigate to a site that will allow you to work out the elements of a mortgage so go to “www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx”. Here you can see there are several elements that you will need to fill out.
Step # 2 – Calculating the Basic Monthly Amount
Enter the mortgage amount, the term, the interest rate you are going to get as well as the start date. Click the “Calculate” button at the bottom to work out the monthly rate that you will have to pay.
Step # 3 – Introducing Other Factors
You can also choose to add some extra repayments below this. Here we are saying that we are going to pay off an additional $2000 every May – this will reduce the length of time that we have the mortgage for. Click the recalculate button below this to apply the change. Below these two areas you will see an extensive table that details exactly how much you are having to pay off each month and how long it takes to pay off the mortgage and that is how to use a mortgage calculator online.
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